South African consumer price index (CPI) for December 2023 fell by 5.1 per cent, down from 5.5 per cent in November, national statistics agency Stats SA said on Wednesday, January 24.

In its report, the Reserve Bank announced that the average inflation rate in 2023 was 6.0 per cent, down from 6.9 per cent in 2022. The highest rate in 2023 was 7.1 per cent in March and the lowest was 4.7 per cent in July.

According to the Stats SA, the product categories that ended the year with annual rates above six per cent in December became food and non-alcoholic beverages (8.5 per cent).

In a related development, the pan-African investment group said that in December 2023 South Africa’s CPI to fell to 4.5 per cent by mid-2024, in line with the Reserve Bank’s forecast. This is reported by
Prensa Latina, a partner of TV BRICS.

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